Panel causality test results
| Null hypothesis | W-stat | Zbar-stat | p-value | Causality |
|---|---|---|---|---|
| CUST_P ≠> ESI | 4.0085 | 9.2184*** | 0.0000 | Yes |
| ESI ≠> CUST_P | 3.1338 | 12.2576*** | 0.0000 | Yes |
| EMP_P ≠> ESI | 3.4145 | 13.8705*** | 0.0000 | Yes |
| ESI ≠> EMP_P | 4.9822 | 12.1138*** | 0.0000 | Yes |
| SUP_P ≠> ESI | 3.5178 | 10.6822*** | 0.0000 | Yes |
| ESI ≠> SUP_P | 6.504 | 13.5121*** | 0.0000 | Yes |
| SHR_P ≠> ESI | 5.0921 | 17.3615*** | 0.0000 | Yes |
| ESI ≠> SHR_P | 6.815 | 24.6708*** | 0.0000 | Yes |
| Null hypothesis | W-stat | Zbar-stat | Causality | |
|---|---|---|---|---|
| CUST_P ≠> ESI | 4.0085 | 9.2184 | 0.0000 | Yes |
| ESI ≠> CUST_P | 3.1338 | 12.2576 | 0.0000 | Yes |
| EMP_P ≠> ESI | 3.4145 | 13.8705 | 0.0000 | Yes |
| ESI ≠> EMP_P | 4.9822 | 12.1138 | 0.0000 | Yes |
| SUP_P ≠> ESI | 3.5178 | 10.6822 | 0.0000 | Yes |
| ESI ≠> SUP_P | 6.504 | 13.5121 | 0.0000 | Yes |
| SHR_P ≠> ESI | 5.0921 | 17.3615 | 0.0000 | Yes |
| ESI ≠> SHR_P | 6.815 | 24.6708 | 0.0000 | Yes |
Notes:
≠> denotes variables does not granger cause each other. ***indicates significance at 1%